Mobile wallet enables clients to make payments through the phone while travelling. Cleints can do the same from any place at any time. The worldwide mobile wallet market is estimated to hit a revenue size of almost USD 5, 250 billion in 2020. It is projected to rise through the predicted phase, at almost 127 percent CAGR. The predicted phase continues from 2013 to 2020.
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The mobile wallet market is expected to be propelled ahead in the future by some factors. Increased consciousness with regard to mobile wallets and their applications, growing safety measures and enhanced infiltration of smart phones are anticipated to drive demand for this market. The market is experiencing worldwide expansion, with growing implementation of mobile payment services.
It is also experiencing major development owing to the availability of better payment options to clients. More than 70 percent of the users of smart phones are keen on implementing mobile payment procedures. Almost 15 percent of these have already followed these procedures. Nonetheless, the inability of clients to make payments owing to no power or battery in their phones, hinders the mobile wallet market.
This market is segmented on the basis of functionalities, consumer kinds, components, geographical regions and industrial contributors. On the basis of functionality, the mobile wallet market is divided into multi function, single function and universal function. Online shoppers, cash players and card users are the three kinds of consumers in the market.
Software, hardware and services are the three components. On the basis of regions, the worldwide mobile wallet market is segmented into Asia Pacific, North America, Latin America and EMEA (Europe, the Middle East and Africa). The industrial contributors of the mobile wallet market include payment network, fiscal organizations, clients, merchants, mediators and MNOs.
Increase in the consumption of mobile data also promotes the mobile wallet market.
Information Source: Grand View Research